Registered number
05135957
I Love to Learn Limited
Filleted Accounts
31 July 2023
I Love to Learn Limited
Registered number: 05135957
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 12,986 18,158
Current assets
Debtors 4 22,977 22,977
Cash at bank and in hand 9,434 27,503
32,411 50,480
Creditors: amounts falling due within one year 5 (14,389) (25,630)
Net current assets 18,022 24,850
Total assets less current liabilities 31,008 43,008
Creditors: amounts falling due after more than one year 6 (9,429) (13,333)
Net assets 21,579 29,675
Capital and reserves
Called up share capital 2 2
Profit and loss account 21,577 29,673
Shareholders' funds 21,579 29,675
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Howard Jones Linda Claire Jones
Director Director
Approved by the board on 20 February 2024
I Love to Learn Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 24% straight line
Motor Vehicles 5 years straight line
Fixtures, fittings, tools and equipment 25% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 4,831 20,025 17,140 41,996
Additions - 868 - 868
At 31 July 2023 4,831 20,893 17,140 42,864
Depreciation
At 1 August 2022 2,612 14,370 6,856 23,838
Charge for the year 201 2,411 3,428 6,040
At 31 July 2023 2,813 16,781 10,284 29,878
Net book value
At 31 July 2023 2,018 4,112 6,856 12,986
At 31 July 2022 2,219 5,655 10,284 18,158
4 Debtors 2023 2022
£ £
Other debtors 22,977 22,977
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 264 926
Other creditors 14,125 24,704
14,389 25,630
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 9,429 13,333
7 Related party transactions
During the year the company entered into the following transactions with related parties
2023 2022
£ £
DLA - Payable 6,879 19,517
8 Other information
I Love to Learn Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit B3 Cumberland Business Centre
Northumberland Road
Southasea, Hampshire
United Kingdom
PO5 1DS
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